Implied warranty - Study guides, Class notes & Summaries

MNP3701 ASSESSMENT 05 SEMESTER 2 2024 This question is based on Starbucks: Starbucks needs to procure several speciality coffee grinding machines. The purchasing department needs to determine if the contract should be awarded via competitive bidding or negotiation. Which one of the following options would explain why the purchasing department should follow the competitive bidding route? a. Suppliers of the coffee grinding machines need an extended period to develop the machines according t...

CMIT Exam (200 multiple choice) Questions with Verified Answers A CM's role and responsibilities are governed solely by the Owner/CM Agreement. True False - CORRECT ANSWER True There are two basic forms of CM, agency and at-risk. Each form provides for the basic services of construction management practice. However, there are some key differences. Which of the following do not apply to both CM forms? A) Both forms provide advice to the owner on constructibility, budget and the schedule. ...

NEW HAMPSHIRE ADJUSTER EXAM PREP: SERIES 12-75 QUESTIONS WITH CORRECT UPDATED ANSWERS GRADED A++ Which of the following best defines "insured"? A. Transfer of the risk of financial loss from one party to another B. A legally binding contract in which the insurance company agrees to pay for specified losses in exchange for premiums C. An individual or organization that pays premiums in exchange for financial protection D. A company, group, or government agency offering financial prot...

AAMI LAW 411: Mortuary Law Exam Questions with 100% Correct Answers True or False: Funeral goods that are sold by the funeral home carry an implied warranty of merchantability. - True. True or False: The Magnuson-Moss Warranty Act is a federal statue which governs only express warranties. - False. True or False: The Magnuson-Moss Warranty Act is a federal statue which governs both express and implied warranties. - True. True or False: The Magnuson-Moss Warranty Act allows Funeral Homes ...

MAR 3203 Exam 3 UCF LATEST UPDATE GRADED A+ Prevention cost incurred to prevent or avoid quality problems; design, implementation, maintenance Examples of prevention costs product or service requirements, quality planning, quality assurance, training Appraisal costs associated with measuring and monitoring activities related to quality; suppliers & customers evaluation of purchased materials, processes, products and services Examples of appraisal costs verification, quality aud...

Sales 7 - Conditions, Warranties, Implied Warranty of Title Based on textbook

What is insurance? correct answer: Insurance transfers the risk of loss from an individual or business entity to an insurance company, which in turn spreads the costs of unexpected losses to many individuals. What is risk? correct answer: Risk is the uncertainty or chance of a loss occurring. What is peril? correct answer: Perils are the causes of loss insured against in an insurance policy. What are the elements of insurable risk? correct answer: Loss must be 1. due to chance 2....

A savings vehicle designed to first accumulate funds and then systematically liquidates the funds is called a(n) - Deferred Annuity Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - 60 Payments What distinguishes a deferred annuity from an immediate annuity? - The time at which benefit payments start The systematic liquidation of a sum of money...

Rules of Construction Help to identify and establish the intent of the parties to the contract Utmost good faith Each party is entitled to rely on the representation of the other, and each party should have a reasonable expectation that the other is acting in good faith without attempts to conceal or deceive. Aleatory Contract A contract under which one party's performance is contingent on an uncertain event. property and casualty agent has the power to bind the insurer...

Lender Interest Provisions - Answer Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty - Answer A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (commonly 80 percent) of the value of the insured property. Underinsured - Answer A situation resulting from a failure to carry enough coverage on the value of a property...

Life & Health Insurance Exam (Answered) With Complete Solution 100% Rated Insurance transfer of risk Speculative risk has a possibility of both loss and gain Pure risk only has a possibility of loss (no gain) Exposure risks for which an insurance company would be liable expressed in units Peril cause of a loss Hazard an increase in the chance of loss Moral hazard arise from people's character (faking a loss) Morale hazard state of mind or careless attitude (accidentally lea...